Polymarket Faces Restrictions in Singapore Over Gambling Label
Polymarket, a blockchain-powered prediction market, has reportedly been blocked in Singapore because authorities classified it as a gambling platform.
This marks another major challenge for the platform, which is already under regulatory scrutiny in the United States.
Why did Singapore block Polymarket?
On January 12, Alex Zuo, Vice President of Investment and Custody at Cobo Global, revealed on X (original Twitter) that Singapore has officially designated comprehensive market As a gambling website. This classification resulted in restrictions on domestic access.
Zuo said individuals in Singapore can only place bets through state-authorized gambling operators. Those who fail to comply could face fines or jail time.
“Polymarket is officially defined as a gambling website in Singapore. If you want to bet, you can only go to the state-owned gambling company, otherwise you will face fines and jail time.” explain.
A screenshot shared by Zuo showed that visitors trying to enter Singapore’s Polymarket would receive a warning. Authorities warned users to avoid using unlicensed gambling services and threatened fines of up to $10,000, six months in prison, or both.
comprehensive marketLaunched in 2020, it is known for its unique approach to aggregating public opinion and real-time data. It allows users to place bets on the outcome of current events, such as elections and natural disasters. The platform has has attracted high-profile backers, including billionaire investor Peter Thiel.
Wider regulatory pressure
Polymarket’s challenges are not limited to Singapore. The platform faces significant regulatory pressure in other jurisdictions such as France and the United States.
In France, National Gambling Authority (ANJ) investigating Polymarket operations. The investigation was triggered after a French user placed large bets on the 2024 U.S. presidential election. French law strictly regulates online gambling, allowing only certain sports betting and poker activities.
In the United States, Polymarket faces increased scrutiny. The Commodity Futures Trading Commission (CFTC) recently issued a subpoena to Coinbase. Find information about user interactions with Polymarket.
Prior to this, the CFTC fined the platform $1.4 million for allegedly offering unregistered prediction markets. As part of the settlement, Polymarket agreed to cease operations to U.S. users.
Nonetheless, the U.S. Department of Justice launched its own investigation, alleging that Polymarket may have accepted transactions from U.S. users despite the settlement. The FBI also searched Devices from CEO Shayne Coplan as part of the investigation.
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